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USD/CAD struggles around 1.2900 amid weaker oil prices, risk-off mood
USD/CAD seesaws near 1.2900 during Monday’s Asian session, following the strong daily jump in three weeks to print the highest daily closing in 2021. The Loonie pair buyers seem to cheer downbeat prices of Canada’s key export item, namely WTI crude oil. However, the risk-aversion wave and mixed updates amid a light calendar seem to challenge the bulls around the key resistance line of late. WTI drops 1.55% to $69.20 by the press time, after refreshing the fortnight low of $68.79. In doing so, the black gold seems to bear the burden of the strong US Dollar Index (DXY) and sour sentiment. That said, DXY jumped the ... (full story)